RE: Rns Appointment of New Auditor31 May 2026 22:14
Maidit - Making up your own timeframes again? The below is far more accurate:
When appointing a new auditor, it typically takes 4 to 8 weeks from the date of formal engagement to publish the accounts. However, because the audit must start from scratch, the actual time will vary based on several factors.
Consider these key aspects:
1. The Onboarding Process
Before any auditing begins, the incoming firm must undergo strict regulatory procedures:
Professional Clearance: The new auditor must write to the previous auditor (e.g., Crowe UK LLP for QDE) for "professional clearance" required by ethical standards.
Regulatory Approval: As a Public Interest Entity (PIE), the incoming firm may need approval from the Financial Reporting Council (FRC).
Timeframe: This clearance and acceptance phase usually takes 1 to 3 weeks.
2. The Audit Itself
Once appointed, the new firm cannot just sign off on the previous work; they must conduct a full independent review.
Planning & Risk Assessment: The new team must evaluate the company's internal controls and understand the business.
Testing & Verification: They must examine the company's financial records, verify transactions, and assess asset valuations.
Timeframe: For a company of QDE's profile, this fieldwork and the subsequent review phase normally take 3 to 6 weeks.
3. Delays to Consider
If the new auditor identifies issues, complex transactions, or valuation discrepancies, the process can drag on significantly. Additionally, the new team might require more time during their first year as they familiarise themselves with the business and internal systems.
What this means for QDE
QDE previously experienced a sudden auditor resignation just prior to their reporting deadline, resulting in a temporary share suspension. According to QDE's announcements, the board is in advanced talks with audit firms to fill this casual vacancy.
Once a formal announcement of the appointment is made, the market generally anticipates that the publication of the annual report and the lifting of the temporary share suspension will follow in roughly a month's time, assuming management and the new auditors face no complex regulatory or valuation obstacles.